Stuck in stubborn range, bulls target $0.35– Confluence Detector

Fibo Quantum

  • Ripple is trending higher after bulls defended the support at $0.32.
  • XRP/USD is poised for an upswing past $0.35 while the medium target is at $0.4.

Ripple has recovered from the drop yesterday as indicated in the recently published market update. However, it is now back in a stubborn narrow range that has been limiting the gains over the past few days. It is expected that XRP/USD will consolidate above $0.33 in the short-term but it will not be shocking to see the price sliding towards the levels around $0.31.

Ripple’s XRP is currently above the 50-day Simple Moving Average while exchanging hands at $0.33. There was an attempt to correct above $0.335 but the bears barricaded the level hence the ongoing declines. A broader look at the chart shows that XRP is trending higher while recording higher highs and higher lows.

Technical Confluence Detector levels

According to the technical detector tool provided by FXStreet, XRP will enjoy the support from a couple of levels. The initial support is highlighted at $0.3322 while the next support rests at $0.3252 – $0. 3217. In the event the losses exceed this region, XRP will remain unsupported until the primary support at $0.3079.

On the upside, immediate resistance is seen observed at $0.3391. The trend at the moment is to the upside. Further upside correction is expected to come under strong resistance at $0.3495 in preparation for a move above $0.35 and eventually $0.4 in 3-4 days.

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